In these trying and uncertain times, more and more people are finding themselves in a financial pinch, but don’t know where to go for help. If this sounds familiar, and you are among the millions of Americans who might need some quick cash, you should consider your local pawn shop for a personal loan. If you’ve never thought about using your local pawn shop as a resource for personal loans, keep reading to find out some of the top five reasons why people choose their local pawn shop when they need a personal loan.
1. No credit check
Unlike banks or other traditional financial institutions, a personal loan from a pawn shop does not require a credit check. For people with low credit scores, this reason alone can be a lifesaver. Your local pawn shop does not need to know your credit score to grant you a loan.
2. No applications
To get a personal loan from a traditional bank, you will be required to fill out numerous forms and lay bare all of your financial information, which makes your privacy vulnerable. Then, you will be forced to wait several business days before you find out if you will get the funds that you desperately need. Your local pawn shop will not make you share excessive information and will not keep you in suspense.
3. A safer alternative to other sources of personal loans
A personal loan from a pawn shop is one of the most reliable forms of loans. Other sources, such as loans from payday advance stores, can put you at risk of a vicious cycle of debt. Payday advance shops are poorly regulated and survive by imposing astronomical interest rates on people. Pawnshops, on the other hand, are highly regulated and charge fair interest rates.
Also, for people who might be considering getting a loan from a friend or family member, a pawnshop loan will not put close relationships at risk.
4. Will not hurt your credit
A pawn shop loan will not show up on your credit report, even if you find yourself among the minority of people who default on your loan. This is because your loan is secured by collateral. Loans from traditional sources, however, immediately appear on your credit report, lowering your score until well after you’ve paid it off, and severely damaging it if you happen to default. Your credit score can influence everything from where you live to where you work and is too valuable to put at risk.
5. Reliable – you can do it over and over again if you need to
Once you’ve repaid your personal loan from a pawn shop, you get your item, and therefore its value, back. This means that if you find yourself in need of a personal loan again soon, you know that you have something of value that you can turn into the cash you need in minutes.
A few more reasons why your local pawnshop is the right choice for your loan
- Pawnshops are part of your community – unlike big banks, pawnshops can be flexible with interest rates and loan terms. Pawnshops like Central Mega Pawn have your best interest in mind. It is our mission to go above and beyond every time.
- Pawn loans are likely to be repaid – a pawn shop will not loan you more money than you can realistically expect to pay back. In fact, according to the National Pawnbrokers Association, a majority of people who take out a pawn loan repay them on time. This makes it more likely that you will repay your loan and regain possession of your item.
- Pawn loans are private – because your pawn loan is secured by the value of an item that you own, there is no need for it to affect your life in other ways, such as liens, taxes, or additional publicly available information.
How to get a personal loan from your local pawn shop:
- 1. You bring us your item of value plus your identification
- 2. Our professionals evaluate the monetary value of your item and will offer a loan based on that value
- 3. We carefully go over the loan terms with you
- 4. Get your cash!
- 5. You repay your loan and reclaim your item! If you cannot repay, we simply keep your item and resell it, with no additional penalty to you.
What kind of things can you pawn to get a cash loan?
Almost anything of value can help you get the cash you need! However, every pawn shop is as different in the community it serves. At Central Mega Pawn, we love dealing in:
Plus, so much more! The best way to get an idea of the type of items we tend to have is to visit us.
How do I pawn an item to get my loan?
- Do your homework – Before you bring us your item, do your research to find out how much you can expect it to be appraised for. You can look at recent sales on sites like eBay, or other person-to-person sites or apps.
- Clean it up – Whatever you plan on bringing in, make it look as clean and presentable as possible. The easier you make it for us to resell potentially, the more willing we will be to offer you a loan against its value.
- Be realistic – Once you’ve got an idea of the value of your item, figure on an offer of about 40 – 60% of that number. Most pawnshops will be willing to negotiate, but they must make a profit on every item in the shop to keep their doors open. Also, keep in mind that we will not be able to make an offer on broken, obsolete, or stolen goods.
Why is Central Mega Pawn the best choice?
For over twenty-five years, Central Mega Pawn has been the pawnshop of choice for people throughout the Inland Empire. We have the experience and resources to help you get the cash you need in minutes. We are proud to serve our community and abide by all federal and state regulations. Visit us today to see how we can help you!